The Dangers of Not Knowing Your Numbers

knowing your numbers

You must assume that you will make mistakes along your entrepreneurial journey. Everyone does. It’s important to know that many are avoidable.

Today, let’s look at critical mistake #7 of 8 that I share in Entrepreneurial Leap: Knowing Your Numbers.

One of the most important things you, as an entrepreneur, need to do is make sure you’re generating a profit as soon as possible. To do so, you must have a pulse on your numbers.

A few simple disciplines for achieving this are for you to:

  1. review your financials every month;
  2. manage a monthly expense budget; and
  3. track the five to fifteen most critical numbers for your business every week (e.g., visitors, followers, leads, appointments, proposals, sales, revenue, errors, customer satisfaction, cash balance, accounts payable, accounts receivable).

The numbers and data never lie. Watch this week’s video to learn the most important numbers you should be tracking.

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